A Texas federal judge granted the CFPB’s request to stay for 30 days all pending deadlines in the credit card late fee lawsuit as it works with the plaintiffs in the case to resolve the matter.
PHH claimed that the Supreme Court’s ruling to overturn Chevron deference made the CFPB’s RESPA regulations invalid as far as civil claims filed by mortgage borrowers.
District court denies request from CFPB to pause litigation against Comerica Bank; CFPB drops lawsuit against Zelle; lawsuits involving Military Lending Act moving forward; CFPB stays on case with state AGs; CFSA seeks ruling from Supreme Court on payday loan rule.
CFPB Director-nominee Jonathan McKernan at his confirmation hearing promised to perform the statutory functions of the bureau. But he didn’t directly respond to the question of whether he agrees with President Trump’s statement that it’s important to “get rid of” the bureau.
The DOJ in a court filing accused the CFPB employee union of twisting a stop work order at the bureau as being part of a “coordinated campaign” by the Trump administration to eliminate the CFPB.
The bureau has so far dismissed lawsuits against Capital One, Heights Finance, Rocket Homes, Pennsylvania Higher Education Assistance Agency and Vanderbilt Mortgage and Finance.
Senate Democrats are seeking answers from Elon Musk, head of the Department of Government Efficiency, and CFPB Acting Director Russell Vought regarding potential financial conflicts.
Financial entities who fail to comply with the Home Mortgage Disclosure Act’s requirements are at risk of enforcement actions by a future Democratic administration or at the state level.
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